Postmedia Network
| predecessor = Canwest | key_people = | industry = Mass media | products = Newspapers | revenue = CAD$676 million (2018) | operating_income = | net_income = | num_employees = 4,733 | parent = | subsid = Postmedia News | homepage = | footnotes = | foundation = | location = Toronto, Ontario, Canada | market cap = }} Postmedia Network Canada Corporation (also known as Postmedia Network or Postmedia) is a Canadian media conglomerate consisting of the publishing properties of the former Canwest, with primary operations in newspaper publishing, news gathering and Internet operations. The company's strategy has seen its publications invest greater resources in digital news gathering and distribution, including expanded websites and digital news apps for smartphones and tablets."Postmedia revamps Ottawa Citizen's digital service". CBC News, May 20, 2014. This began with a revamp and redesign of the Ottawa Citizen, which debuted in 2014. History On July 13, 2010 the Manhattan-based hedge fund, Golden Tree Asset Management acquired the Asper family’s bankrupt CanWest media empire for $1.1 billion. On October 6, 2014, Postmedia's CEO Godfrey announced a deal to acquire the English-language operations of Sun Media."Postmedia buys 175-paper Sun Media for $316m". Toronto Star, October 6, 2014. The purchase received regulatory approval from the federal Competition Bureau on March 25, 2015,Competition Bureau will not challenge Postmedia’s acquisition of Sun Media. Competition Bureau, March 25, 2015. even though the company manages competitive papers in several Canadian cities; while the Sun Media chain owns numerous other papers, four of its five Sun-branded tabloids operate in markets where Postmedia already publishes a broadsheet competitor. Board chair Rod Phillips has cited the Vancouver market, in which the two main daily newspapers, the Vancouver Sun and The Province, have had common ownership for over 30 years, as evidence that the deal would not be anticompetitive. The purchase did not include Sun Media's now-defunct Sun News Network. The acquisition was approved by the Competition Bureau on March 25, 2015, and closed on April 13. In 2016, the company sought to restructure its compensation plans and reduce spending by as much as 20%, after reporting a net loss of $99.4 million, or 35 cents per diluted share, in the fourth-quarter ended Aug 31, compared with a $54.1 million net loss, or 19 cents per diluted share, in the same period a year earlier. This resulted in 90 newsroom staff losing their jobs. On November 27, 2017, Postmedia and Torstar announced a transaction in which Postmedia will sell seven dailies, eight community papers, and the Toronto and Vancouver 24 Hours to Torstar, in exchange for 22 community papers and the Ottawa and Winnipeg versions of Metro. Except for the Exeter Times-Advocate, St. Catharines Standard, Niagara Falls Review, Peterborough Examiner, and Welland Tribune, all acquired papers will be closed. In March 2018, the Competition Bureau issued a court filing accusing the two companies of structuring the deal with no-compete clauses in an effort to reduce competition in the newspaper industry, in violation of the Competition Act. On June 26, 2018, Canadian Press reported that, by the end of August, Postmedia will be closing the Camrose Canadian in Camrose, Alberta, Strathmore Standard in Strathmore, Alberta, Kapuskasing Northern Times in Kapuskasing, Ontario, Ingersoll Times in Ingersoll, Ontario, Norwich Gazette in Norwich, Ontario and Petrolia Topic in Petrolia, Ontario. It will also cease printing the Portage Daily Graphic in Portage La Prairie, Manitoba, the Northern News in Kirkland Lake, Ontario, and The Daily Observer in Pembroke, Ontario while maintaining a digital presence for the three publications. As well, the High River Times in High River, Alberta will go from being published twice a week to once a week. On November 27, 2018, The Competition Bureau applied for a court evaluation contesting Postmedia’s claims of solicitor-client privilege, for records seized by the bureau during raids at the company's offices. Assets Advertising * The Flyer Force * Go!Local Publishing National *''National Post'' Broadsheet dailies *''Belleville Intelligencer'' *''Brantford Expositor'' *''Calgary Herald'' *''Cornwall Standard Freeholder'' *''Edmonton Journal'' *''Kenora Daily Miner and News'' *''Kingston Whig-Standard'' *''London Free Press'' *''Montreal Gazette'' *''North Bay Nugget'' *''Ottawa Citizen'' *''Regina Leader-Post'' *''The StarPhoenix'' (Saskatoon) *''Sault Star'' *''Sudbury Star'' *''Timmins Daily Press'' *''The Vancouver Sun'' (not related to the tabloid Sun newspapers also owned by Postmedia) *''Windsor Star'' Tabloid dailies *''Calgary Sun'' *''Edmonton Sun'' *''Ottawa Sun'' *''The Province'' (Vancouver) *''Toronto Sun'' *''Winnipeg Sun'' Free dailies * 24 Hours (Toronto, Vancouver) sold to Torstar and closed, 2017 Community newspapers Postmedia owns newspapers that serve smaller communities across Canada, including: *''Airdrie Echo'' (tabloid) *''Bow Valley Crag & Canyon'' (tabloid) *''Brockville Recorder and Times'' (broadsheet) *''Chatham This Week'' (tabloid) *''Clinton News-Record'' (tabloid) *''Cochrane Times (Alberta)'' (tabloid) *''Cochrane Times-Post'' (tabloid) *''Drayton Valley Western Review'' (tabloid) *''Edson Leader'' (tabloid) *''Elliot Lake Standard'' (tabloid) *''Fort McMurray Today'' (tabloid) *''Fort Saskatchewan Record'' (tabloid) *''Goderich Signal-Star'' (tabloid) *''Grande Prairie Daily Herald-Tribune'' (tabloid) *''Hanna Herald'' (tabloid) *''High River Times'' (tabloid) *''Hinton Parklander'' (tabloid) *''Kincardine News'' (tabloid) *''Kingston This Week'' (tabloid) *''Lakeshore Advance'' (Grand Bend; tabloid) *''Lloydminster Meridian Booster'' (tabloid) *''Mid-North Monitor'' (Espanola; tabloid) *''Mayerthorpe Freelancer'' (tabloid) *''Nanton News'' (tabloid) *''Owen Sound Sun Times'' (broadsheet) *''Peace River Record-Gazette'' (broadsheet) *''Pincher Creek Echo'' (tabloid) *''Red River Valley Echo'' (tabloid) *''Simcoe Reformer'' (tabloid) *''St. Thomas Times-Journal'' (tabloid) *''Stratford Beacon Herald'' (broadsheet) *''Vulcan Advocate'' (tabloid) *''Whitecourt Star'' (tabloid) *''Winkler Times'' (tabloid) *''Woodstock Sentinel-Review'' (broadsheet) Former assets *''Barrie Examiner'' (sold to Torstar and closed, 2017) *''Bradford Times'' (tabloid) sold to Torstar and closed, 2017 *''Camrose Canadian'' (tabloid), closing 2018 *''Collingwood Enterprise Bulletin'' sold to Torstar and closed, 2017 *''Niagara Falls Review'' (broadsheet) sold to Torstar, 2017 *''Norwich Gazette'', closing 2018 *''Orillia Packet & Times'' (broadsheet) sold to Torstar and closed, 2017 *''Pembroke Daily Observer'' (broadsheet), ceasing print edition 2018 *''Peterborough Examiner'' (broadsheet) sold to Torstar, 2017 *''St. Catharines Standard'' (broadsheet) sold to Torstar in 2017 *''Strathmore Standard'' (tabloid), closing 2018 Magazines *''Financial Post Business'' *''Living Windsor'' *''Swerve'' *''TVtimes'' Online * Canada.com * celebrating.com * connecting.com * driving.ca * househunting.ca * remembering.ca * shoplocal.ca * SwarmJam.com * Infomart.com * in addition, Postmedia Network owns all websites associated with all properties listed on this page either wholly or in partnership. Software * QuickTrac * QuickWire Other properties * Postmedia News Ownership structure The ownership group was assembled by National Post CEO Paul Godfrey in 2010 to bid for the chain of newspapers being sold by the financially troubled Canwest (the company's broadcasting assets were sold separately to Shaw Communications). Godfrey secured financial backing from a U.S. private equity firm, the Manhattan-based hedge fund GoldenTree Asset Management—which owns 35 per cent—as well as IJNR Investment Trust, Nyppex and other investors. The group completed a $1.1 billion transaction to acquire the chain from Canwest on July 13, 2010. Headquartered in Toronto, Ontario, the company has over 4,700 employees. The company's shares were listed on the Toronto Stock Exchange in 2011. In 2016, Godfrey took a $900,000 bonus during a time that Postmedia laid off staff company-wide. See also Other media groups in Canada include: * Torstar ** Metroland Media Group ** Star Media Group * Quebecor Media *SaltWire Network *The Woodbridge Company *TC Transcontinental Related articles *History of Canadian newspapers *Media of Canada References External links * *Canada.com web portal * Category:Companies listed on the Toronto Stock Exchange Category:Companies established in 2010